Iran warns Gulf Arabs against boosting production

Iran warned Gulf Arab oil producers against boosting production to offset any potential drop in Tehran’s crude exports in the event of an embargo affecting its oil sales

Written by Associated Press | Cairo | Published:January 16, 2012 12:40 am

Iran warned Gulf Arab oil producers against boosting production to offset any potential drop in Tehran’s crude exports in the event of an embargo affecting its oil sales,the latest salvo in the dispute between the West and the Islamic Republic over its nuclear programme.

The comments by Iran’s OPEC governor,on Sunday,came as Saudi Arabia’s oil minister was quoted the same day denying that his country’s earlier pledges to boost output as needed to meet global demand was linked to a potential siphoning of Iranian crude from the market due to sanctions.

World oil markets have been jolted over concerns that Iran may choke off the vital Strait of Hormuz in retaliation for sanctions hampering its ability to sell its oil. Saudi Arabia and other key Gulf Arab producers have recently said they are ready to provide stable and secure supplies of oil.

The US recently imposed sanctions targeting Iran’s central bank and,by extension,refiners’ ability to buy and pay for crude. The EU is also weighing an embargo on Iranian oil. Mohammad Ali Khatibi,Iran’s OPEC governor,was quoted by Sunday the Shargh newspaper as saying that attempts by Gulf nations to replace Iran’s output with their own would make them an “accomplice in further events.”

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